In over forty years, the United Arab Emirates has enjoyed rapid economic and influential growth through the extraction and exportation of oil and natural gas to the international markets. However, the United Arab Emirates leaders are looking to rewrite their future by reducing their overdependence on oil, leaving them vulnerable. The regional leaders increasingly wanted to secure the country’s future; hence they launched the national Energy Strategy 2050 after launching the construction of Masdar City, Abu Dhabi, in 2012 (Mokri, Ali, & Emziane, 2013). The National Energy Strategy 2050 primary purposes were to diversify the country’s economy, reduce their carbon footprint to align themselves with the 2016 Paris Agreement, and increase their efficiency in oil and gas extraction and pipeline transportation for export (Pagliaro, 2019).
After earning a lot of money from oil and gas exportation, the UAE used the National Energy Strategy 2050 to secure their future and their role at a global level as all the regional leaders meet to discuss their financial, energy and environmental future endeavors, and achievements (Sgouridis, Griffiths, Kennedy, Khalid, & Zurita, 2013). By having sufficient funds and investment projects, the international market will partner with the country on the implementation of their proposed projects ( Al Naqbi, Tsai, & Mezher, 2019) . By achieving its 2050 National Energy Strategy, the UAE would have diversified its energy sources hence securing its people’s energy needs while adding extra energy into their grid system (Mondal, Kennedy, & Mezher, 2014). Additionally, the Strategy will achieve added energy while reducing its carbon footprint, which costs a lot of money. The National Energy Strategy also makes oil and gas extraction and pipeline transportation cheaper while keeping up with world energy demands.
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Looking at the strategies laid down the UAE leadership, the country will gain more from the $160 billion investment in the country through the diversification of their economy, reducing carbon footprint, which saves them money while producing more energy for their increasing population ( AlFarra, & Abu-Hijleh, 2012) .
References
Mokri, A., Ali, M. A., & Emziane, M. (2013). Solar energy in the United Arab Emirates: A review. Renewable and Sustainable energy reviews , 28 , 340-375.
Pagliaro, M. (2019). Preparing for the future: Solar energy and bioeconomy in the United Arab Emirates. Energy Science & Engineering , 7 (5), 1451-1457.
Sgouridis, S., Griffiths, S., Kennedy, S., Khalid, A., & Zurita, N. (2013). A sustainable energy transition strategy for the United Arab Emira
Mondal, M. A. H., Kennedy, S., & Mezher, T. (2014). Long-term optimization of United Arab Emirates energy future: policy implications. Applied energy , 114 , 466-474. tes: Evaluation of options using an Integrated Energy Model. Energy Strategy Reviews , 2 (1), 8-18.
Al Naqbi, S., Tsai, I., & Mezher, T. (2019). Market design for successful implementation of UAE 2050 energy strategy. Renewable and Sustainable Energy Reviews , 116 , 109429.
AlFarra, H. J., & Abu-Hijleh, B. (2012). The potential role of nuclear energy in mitigating CO2 emissions in the United Arab Emirates. Energy Policy , 42 , 272-285.
